US stocks rally ahead of euro summit

US stocks advanced on Monday amid perceived progress in talks to resolve the eurozone debt crisis.

The S&P 500 added 1.3% to 1,254 while the Dow Jones Industrial Average climbed 104.83 points, or 0.9%, to 11,913.

A weekend summit of eurozone leaders led to the outlining of a deal to ease the region's debt crisis, with final details to be agreed at another meeting tomorrow.

Eurozone leaders agreed to force banks to protect themselves against future losses, and to increase the firepower of the single currency's 440bn-euro bailout fund.

The progress boosted European markets on Monday, with London's FTSE, France's Cac 40 and the German Dax all up more than 1%.

Meanwhile, Asian stocks slid overnight as the euro snapped a five-day advance against the dollar.

The MSCI Asia Pacific index decreased 0.2% in Tokyo, while Japan's Nikkei 225 Stock Average lost 0.4% and Australia's S&P/ASX 200 index declined 0.8% percent. Elsewhere, Hong Kong's Hang Seng index climbed 0.5%.

The euro traded 0.2% lower at $1.3895.